Video: ‘Rainy Day Fund’ Helps Pay For Disaster Recovery

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JACKSON, Miss. (WCBI) – From devastating hurricanes and deadly tornado outbreaks, Mississippi has seen its share of natural disasters in the past decade. Lawmakers must make sure there is money available for recovery efforts.

The federal government can reimburse the state anywhere from 100% to 70% of the expenses, depending on the category. State and local governments must pay for the rest of the costs.

It’s one reason many Republicans are quick to protect Mississippi’s “Rainy Day Fund” and not spend that money on recurring expenses.

“We’ve got it fully funded and will keep it that way as long as we can. Of course, one disaster could empty it,” said R – State Senate President Pro Tempore, Giles Ward.

“It’s just kind of a savings account, but it’s one time monies. If you spend what we have in the “Rainy Day Fund” now, then we don’t replenish that expect a little at a time,” explained R – District 19 State Representative Randy Boyd.

There is about $400 million in the “Rainy Day Fund.”